Tioga Central School District – Cash Management (2020M-83) | Office of the New York State Comptroller

Issued Date

November 13, 2020

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Audit Objective

Determine whether Tioga Central School District (District) officials maximized interest earnings.

Key Findings

Interest earnings were not maximized.

District officials did not develop and manage a comprehensive investment program or comply with the District’s investment policy.
Had officials invested available funds in a financial institution with higher interest rates, the District’s interest earnings could have increased by $215,120.

Key Recommendations

Prepare monthly cash flow forecasts that estimate available funds for investment.
Ensure excess funds are invested in a manner, within legal limits, to maximize interest earnings.

District officials disagreed with certain aspects of our findings and recommendations, but indicated they have initiated corrective action. Appendix B includes our comments on issues raised in the District’s response letter.

Background

The District serves the Towns of Tioga, Nichols, Barton and Candor in Tioga County. The seven-member elected Board of Education (Board) is responsible for the general management and control of financial and educational affairs. The Superintendent of Schools is the chief executive officer and, along with other administrative staff, is responsible for the District’s day-to-day management under the Board’s direction.

The District has funds on deposit at one local financial institution. The District Treasurer is responsible for depositing and investing District funds. Bank accounts are maintained for all operating funds and reserves.

Quick Facts
2018-19 Interest Earnings	$20,222
2018-19 Enrollment	892
2019-20 Appropriations	$20.3 million

Audit Period

July 1, 2018 – December 31, 2019